Friday, January 31, 2020
Customer Value Marketing Essay Example for Free
Customer Value Marketing Essay This report based on the study of ââ¬Å"Customer Value Marketingâ⬠starts with introduction section. We have mentioned the contents of the study in objectives of the report section. The methodology section deals with the means of preparation of this report and the processes that we have followed. Then the report describes the theoretical aspects of the study in the literature review. This section mainly consists of brief description about different important topics about customer value marketing. Finally in the last section, the report is concluded with findings, bibliography and appendix over the topic. The appendix section contains some International Journals on Customer value marketing. INTRODUCTION Todayââ¬â¢s marketing process is highly customer focused. It is all about creating customer value and building profitable customer relationship. Customers are at the center of marketing process. The main theme of marketing is to create customer value and to capture value from customers in return. The goal of every marketer is to create more value for customers. Customers usually face a broad array of products and services that might satisfy a given need. Among these products or services, customers have to choose the products that give them optimum value and satisfaction. That is why creating customer value is considered to be the most important task to be performed by marketing today. The marketers do it through ââ¬Å"customer value delivery systemâ⬠, a system which is made up of the value chains of a company and its suppliers, distributors and ultimately its customers who work together to deliver value to customers. To deliver superior value to customers the marketers have to design a customer driven marketing strategy. The proper implementation of this strategy will give customers a perceived value, therefore, satisfaction. While buying a product or service, a customer is buying satisfaction. Highest value is derived when a customer is fully satisfied with his or her purchase. Today, value is considered to be an important constituent of relationship marketing and the ability of a company to provide superior value to its customers is regarded as one of the most successful competitive strategies for business. Hence, todayââ¬â¢s marketing needs to be based on the concept of customer value. OBJECTIVES OF THE REPORT This report mainly discusses the following subjects: â⬠¢Customer Value â⬠¢Customer Value Strategy â⬠¢Customer Value Positioning Model â⬠¢The implementation of Customer Value Strategy â⬠¢Hypothesis Regarding Customer value â⬠¢Propositions on Customer Value â⬠¢Methods of Customer Value Assessment â⬠¢Customer Lifetime Value METHODOLOGY OF THE REPORT The report in this study is basically a descriptive one. Here, both the primary and the secondary data are been used. The primary data has been collected from lectures given on this topic in the classroom. The secondary sources of data are our textbooks, various international journals different websites. LITERATURE REVIEW Customer value strategy: Customer value strategy is doing things differently from the competitors and transferring different values to the customers. There are six principles of strategic positioning. They are: â⬠¢Strategy should have the right objectives. â⬠¢The value of positioning should be distinguished from the competitors. â⬠¢Strategic thinking should be reflected from the unique value chain. â⬠¢In order to pursue the uniqueness in certain areas, we must give up some of the other characteristics of products, services or activities. â⬠¢Strategy should enable the effective integration of various activities. â⬠¢Strategy should have sustained direction. Customer Value Positioning Model: A Successful business is always based on its selection of the target customers for value positioning. Customers can be roughly divided into three types, but for different customers have different types of value positioning model: â⬠¢Customers are interested in up-to-dated, modern product. Organizations which meet the needs of these customers can orient the value on ââ¬Å"product leadershipâ⬠. For example, Microsoft, Hp. â⬠¢Customers prefer cost-effective products and services. They prefer convenient purchase and high quality service. The organizations which aim at this target group of customers orient the value on ââ¬Å"operational excellenceâ⬠. For example, Wal-Mart, Fed-Ex. â⬠¢Customers want to get exactly what they need, even if they have to pay a higher cost or wait a little longer. Companies which serve these types of customers are committed to improving ââ¬Å"customer intimacyâ⬠. For example, Honda, British Airways. The implementation of Customer Value Strategy: Once the customer value strategy is established, the company must ensure the implementation of the strategy by committing everyone in the workplace to its objectives and building support system for it. For this the business must ensure the followings: 1.Strengthening management for core competency: The practice of a strong management system is a prerequisite for achieving customer value. A dynamic management system is needed so that the value strategy can be effectively implied. 2.Establishing culture of the company based on customer value: In order to achieve the strategic objectives of a company, it is necessary to develop a culture based on customer value so that the idea of customer value is deep in the heart of everyone in the workplace. 3.Establishing a highly integrated value system: A highly integrated value system means companyââ¬â¢s self-reinforcing system of various activities. 4.Establishing an effective performance measuring system: While implementing customer value strategy, companies continuously measure the performance with goal. Therefore, company should have an effective performance measuring system so that any deviation can be analyzed carefully. 5.Establishing the network marketing system: With the help of network marketing system companies can understand customerââ¬â¢s needs in a better way and thus can strengthen the implementation of customer value strategy. Hypothesis: Rajagopal (2006) has established some hypothesis regarding customer value. They are as follows: â⬠¢Higher perceived value acquired by the customer help consumers to determine their buying decision on the non-conventional products of unfamiliar brands in the market. â⬠¢The brand value of the product is enhanced by developing the communication tools effectively by the firm which help augment the customer value by marginalizing the gap between consumer perception and product attributes. â⬠¢The brand value, quality of the product, competitive advantage and price along with other relational variables determine the customer value. â⬠¢The product attractiveness combined with the effective informational sharing and retailing services help augmenting by providing competitive advantage. Here are some other hypothesis by Weinstein and Abratt (2009): â⬠¢There is a significant correlation between service received from a professional service and customer retention. â⬠¢There is a significant correlation between quality received and customer retention. â⬠¢There is a significant correlation between the image of a professional service and customer retention. â⬠¢There is a significant correlation between the prices charged and customer retention. â⬠¢There is a significant correlation between overall value received from a professional service and customer retention. Propositions: Andreassen (1997) has made some propositions on customer value. They are: â⬠¢Perceived quality is believed to have a positive impact on value â⬠¢Perceived quality and value are believed to have a positive impact on customer satisfaction. Methods of customer value assessment: James, Dipak Pradeep (1993), introduced some methods for assessing customer value. They are as follows: â⬠¢Internal engineering assessment â⬠¢Field value-in-use assessment â⬠¢Indirect survey questions â⬠¢Focus group value assessment. â⬠¢Direct survey questions â⬠¢Conjoint analysis â⬠¢Benchmarks â⬠¢Compositional approach â⬠¢Importance ratings Customer Lifetime Value: According to Phillip, Mark Robert (2004), ââ¬Å"Customer Lifetime Value is the present value of the future cash flows attributed to customer relationship.â⬠Therefore, Customer Lifetime Value (CLV), also known as Lifetime Customer Value (LCV) or Lifetime Value (LTV) is the net present value of the cash flows recognized from the relationship with a customer. This is a parameter to determine exactly how much a customer is worth in monetary terms and therefore exactly how much a marketing department should be willing to spend to acquire each customer. According to Jason, Ashutosh and Roberto (2010), ââ¬Å"CLV makes it possible to explicitly link long-term financial returns to marketing actions.â⬠They think that CLV has been gaining significance for two reasons: First, many traditional marketing metrics are not sufficient to evaluate return on marketing investments. Second, customers are not equally profitable. So, it is necessary to understand customer value at individual level which can be done with the help of CVL. CLV is typically used to calculate the cost of acquisition of a customer. For example, if a new customer costs 50000 TK to acquire and his or her lifetime value is 60000 TK, then the customer is considered to be profitable. FINDINGS 1.Customer value helps to develop manage customer relationship 2.Customer expectation and customer satisfaction are closely related with customer value 3.There are some principles of strategic positioning which can be applied in doing things differently from the competitors and transferring different values to the customers 4.Success in business depends on selection of the target customers for value positioning. 5.The practice of a strong management system is needed for achieving customer value. 6.Developing a culture based on customer value is necessary to achieve the strategic objectives of a company. 7.A highly integrated value system effective performance measuring system is important for the implementation of customer value strategy. 8.Network marketing system helps to understand customerââ¬â¢s needs in a better way 9.Some hypotheses established by various scholars are helpful for delivering superior customer value. 10. Important methods should be followed for assessing customer value 11.Customer Lifetime Value explicitly links long-term financial returns to marketing action. It also helps to understand customer value at individual level. BIBLIOGRAPHY 1.Komulainen Hanna; Mainela Tuija; Tahtinen Jaana; Ulkuniemi Pauliina (2004) ââ¬Å"Exploring Customer Perceived value in a Technology Intensive Service Innovationâ⬠, volume 20, page 27. 2.Ravald Annika; Gronroos Christian, (1996),â⬠The Value Concept and Relationship Marketingâ⬠, volume 30, page 12. 3.Lia Chia Chi;(2003) ââ¬Å"The role of Customer perceived value in Generating Customer Satisfaction: An E-business perspectiveâ⬠volume 5, page 15. 4.Lam Shun Yin; Shankar Venkatesh; Erramilli and Murthy; Krishna Bvsan, (2004), â⬠Customer value, Satisfaction, Loyalty and Switching cost: An illustration from a Business to Business Service Contextâ⬠, volume 32, page 20. 5.Rajagopal, (2006), ââ¬Å"Brand value, Preferences and Customer value effect of Non-conventional utility products: An experimental analysis in Mexican marketâ⬠, page 23. Weinstein Art and Abratt Russel(2009) ââ¬Å"Marketing Intelligence Planningâ⬠Volume 27 No. 5 page 19, 2009 6. 7. Andreassen Tor Wallin (1997) ââ¬Å"The International Journal of Service Industry Managementâ⬠, volume. 8, No 4, Page 33 Anderson James C. Jain Dipak C. Chintagunta Pradeep K.(1993), ââ¬Å"Journal of Business to Business Marketingâ⬠Volume 1(1) , Page 29 Pfeifer Phillip E., Haskins Mark E. Conroy Robert M. Journal of Managerial Issues (2004) page 25 Zhang Jason Q. , Dixit Ashutosh and Friedmann Roberto (2010), ââ¬Å"Journal of Marketing Theory and Practiceâ⬠Volume 18 no. 2, Page 13 7. 8.www.wikipidia.com
Thursday, January 23, 2020
Extinction On Dinosaurs :: essays research papers
Theories of the Extinctions of the Dionsaurs: Dinosaurs became extincted 65 million years ago, at the end of the Cretaceous period, something so devastating that it altered the course of life on earth. It seems like it happened so sudden, as geologic time goes, that almost all the dinosaurs living on earth disappeared. So how did these dominant creatures just die off? Was it a slow extinction, or did it happen all of the sudden? These questions bring rise to many different beliefs on how the dinosaur disappeared over 65 million years ago. Extinction is when the birth rate fails to keep up with the death rate, it is called extinction. But, the definition does not answer the question about the nature or causes of extinction. Paleontologists generally divide extinctions into two types, for that of different causes arose. The first is called background extinctions, isolated extinctions of species due to a variety of causes. Included is out competition, depletion of resources in a habitat, changes in climate, the development or destruction of a mountain range, river channel migration, the eruption of a volcano, the drying of a lake, or the destruction of a forest, grassland, or wetland habitat. The second type of extinction is called mass extinctions. Large numbers of species go extinct; many types of species go extinct; the effects must be global, and the effects must occur in a geologically short period of time.1 The dinosaur could not have lived for ever. No creatures, no plants, no tiny bacteria are forever, not even Homo sapiens. Extinction is the fate of all species. One theory on how the dinosaurs became extinct is that of carbon dioxide, and the greenhouse effect. Volcanoes produced the proposed conditions. A massive volcanic eruption could have saturated the atmosphere with carbon dioxide so that it caused a sharp rise in temperatures worldwide. The excessive carbon dioxide would have permitted solar energy to enter the atmosphere but would have blocked the radiation of most surface heat back out into space, therefore causing the greenhouse effect. Rising temperatures could have killed off or reduced the activity of plankton, disrupting food chains and also messing up the plankton's normal role in converting carbon dioxide to oxygen through photosynthesis. From there it would not have been long for all the dinosaurs to have been suffering, and then to become extinct. My theory of the extinction of the dinosaurs is the theory of the comet
Wednesday, January 15, 2020
A Dream Deferred
Langston Hughesââ¬â¢ poem, A Dream Deferred, is about the sentiments of African American people back when they were great oppressed and marginalized (Hughes).They were denied of a dream, of a better life and a better world just because of their skin color and their ethnicity. Looking closely at the poem, we can see that the elements used by Hughes could clearly show the readers how much he felt back at that time when he wrote it.It is important to analyze the poem through its parts first and then its entirety so that weââ¬â¢ll see how Hughes came up with a short but very effective poem.Hughes used several literary elements all throughout his poem. The first one is the use of rhetorical questions, where we can see that the poem is structured as a questions related to deferring a dream. These questions tend to answer themselves in the end, and this is where the use of the next element, simile comes in. He uses it to describe every situation that he gives relating to a dream defer red.One example is ââ¬Å"Does it dry up like a raisin in the sun, where he used ââ¬Å"like a raisin in the sunâ⬠to describe the ââ¬Å"drying upâ⬠of the dream (Hughes). From this, it is evident that it also uses the element imagery when describing, including ââ¬Å"fester like a sore,â⬠ââ¬Å"stink like rotten meat,â⬠and a lot more (Hughes).Through these literary elements, we can see how much emotion the author has regarding this topic. As an African American, he had his fair share of discrimination, which led to his dreams being deferred.The poem shows us the progression of how his dreams and aspirations were denied and how his reaction evolved. From the poem, we can clearly see that it seemed to worsen to a point of destruction. With this, the readers can follow how his emotions could have changed through time.Hughes intends to answer the question ââ¬Å"what happens to a dream deferred,â⬠and he was able to do so by giving several responses (Hughes) . His first few responses were generally negative, as weââ¬â¢d expect from someone discriminated and denied of their dreams.He responded that it could dry up like a raisin in the sun. This is a very appropriate response for someone who lost hope, saying that their dreams would all go to waste and just dry up.A raisin in the sun is once a juicy grape, just like a dream thatââ¬â¢s full of promise and hope. By denying that dream, all that would be left is just the wrinkled skin of the past, something very distant to what it previously resembled.Other responses that Hughes provided include festering like a sore, stinking like a rotten meat, and crusting and sugaring over like a syrupy sweet. These are all undesired, negative situations that could be a gauge of how the author felt when his dream was deferred.It was uncalled for, it was not the outcome that he expected, but still he must live with that. There isnââ¬â¢t any hint of justice for the author, since these were all irre versible outcomes. At this point, we can now see that aside from disappointment, having oneââ¬â¢s dream deferred also causes a great deal of sadness and pain.In the end, all of the dreams deferred from a man like the author would eventually have to go somewhere. As it piles up, it creates a heavy load which would eventually sag.All the dreams that they were not able to achieve, all the opportunities that were denied from them would eventually sag and weigh them down. It is such a heavy burden to carry and there is no other way to ease it other than giving them the chance to fulfill those dreams.Because eventually, as it continues to sag and expand, there would come a point when it would just explode. In the end, they wouldnââ¬â¢t be able to sustain such load and so it leads to destruction.This could be taken both literally and figuratively, because I think that when the load is too heavy to bear, people like Hughes would eventually think of a way to lessen the burden, and it m ay not be a desirable course of action.Work Cited:Hughes, Langston. ââ¬Å"A Dream Deferred.â⬠à Writing through Literature. Eds. Linda Anstendig and David Hicks: Prentice Hall, 1995. Ã
Tuesday, January 7, 2020
The Life Of A Sports Star - 872 Words
Weeks had passed since that unfaithful night, yet the images still haunted Breyaââ¬â¢s mind. She had found out that it was Mabel that she had pulled out of the car. After the ambulance had taken her away, Breya returned home and had a relentless and tormenting weekend full of nightmares and images of the accident. After word had gotten out, everyone knew what happened. The accident was much worse than she could have imagined, after a night in the hospital they found that Mabel had been lucky though. With a major concussion one or two more blows to the head would have killed her. Although her wounds would heal, she would never be able to walk again. Her spinal cord had been partially severed by her shattered vertebrae leaving no feeling from the waist down. The healing process would take time, both mentally and physically she had been mutilated. Her dreams had died with no chance of being a sports star. 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